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Compilations, Review and Agreed Upon Procedure Engagements


A compilation entails the preparation of financial statements from information provided by management. It does not, however, provide any level of assurance that the financial position and results of operations are fairly presented. A compilation is useful when limited in-house capabilities for preparing financial statements exist and is the least expensive attest engagement provided.


A review entails inquiry and application of analytical procedures to financial statements provided by management to determine if they are reasonable. It provides limited assurance that no material changes need to be made to the financial statements for them to be in conformity with generally accepted accounting principles. While it is considered more in depth than a compilation, is less extensive than an audit.


Agreed Upon Procedure Engagements provide customized services to present valuable information and responses according to the needs of various clients. This is often the most useful and cost effective service for a client, depending on the situation.


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